Flex Space with Grade-Level
818 Widgeon Rd, Norfolk, VA 23513
For Sale
Contact for pricing
Industrial flex facility with office space, warehouse clear heights up to 17 feet, and multiple grade-level doors.
Property Size15,788 SF
Price / SF$180.52
Days on Market195
Property Features for 818 Widgeon Rd
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ricky Anderson · License VA #0225181900
(757) 217-1892
Source:
Moodyscre
Added: Apr 29
Changed: Oct 26
Last Checked: Nov 8 at 8:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Norfolk
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Investment Insights
Based on property information with market context.
This flex space facility totals 15,788 SF, with 7,804 SF of office space on two floors and 7,984 SF of warehouse space. The property sits on 2.363 acres with a partially stabilized yard and includes metal construction. Zoning is I-G (Industrial - General).
The building was built in 1974 and expanded in 2017. Warehouse loading includes three (10’ x 14’) grade-level doors and one (10’ x 10’) grade-level door, plus a yard ramp. Clear height ranges from 12’ 4” to 17’ throughout the warehouse. Three-phase, 240 V power is available, and the site offers convenient access along Tidewater Drive with direct access to I-64. Parking is described as ample.
Additional improvements include two clear-span steel arch buildings measuring 94’ x 32’5” x 11’10”.
The building was built in 1974 and expanded in 2017. Warehouse loading includes three (10’ x 14’) grade-level doors and one (10’ x 10’) grade-level door, plus a yard ramp. Clear height ranges from 12’ 4” to 17’ throughout the warehouse. Three-phase, 240 V power is available, and the site offers convenient access along Tidewater Drive with direct access to I-64. Parking is described as ample.
Additional improvements include two clear-span steel arch buildings measuring 94’ x 32’5” x 11’10”.
Key Highlights
- 15,788 SF flex building with 7,804 SF office (two floors) and 7,984 SF warehouse
- 2.363 acres with partially stabilized yard and yard ramp
- Zoned I‑G (Industrial - General) for industrial use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,687
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,073,740
$3.1M
Cap Rate 7%
$2,195,529
$2.2M
Cap Rate 9%
$1,707,633
$1.7M
Market Conditions
NOI Build-Up for 15,788 SF
Gross rent
$246.3K $15.60/SF
− Vacancy
−$9.9K −$0.62/SF
EGI
$236.4K $14.98/SF
− OpEx
−$82.8K −$5.24/SF
NOI
$153.7K $9.73/SF
Area
Norfolk, VA
Vacancy
4.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,073,740
Cap Rate 7%
$2,195,529
Cap Rate 9%
$1,707,633
Alternative Uses
Best Use
Flex RnD
$2.20M
$1.92M – $2.56M
NOI $153,687 @ 7.0% cap · market cap 5.39%
Second Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,614 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,443 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex facility with office space, warehouse clear heights up to 17 feet, and multiple grade-level doors.
Where is this flex space located?
The property is located at 818 Widgeon Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 15,788 SF flex building with 7,804 SF office (two floors) and 7,984 SF warehouse; 2.363 acres with partially stabilized yard and yard ramp; Zoned I‑G (Industrial - General) for industrial use
